CGAU vs SPY: Correlation
Centerra Gold Inc. (CGAU) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and SPY?
Over the past 3 years, CGAU and SPY moved with a correlation of 0.36, which is moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 237.0 %².
SPY is close to the least connected end of CGAU's tracked universe, ranking #16 of 20. The last year tells two different stories: CGAU led by 192.8 percentage points, +213.4% for CGAU against +20.6% for SPY. Note the risk asymmetry: CGAU runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CGAU vs SPY: side by side
| CGAU (Centerra Gold Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +213.4% | +20.6% |
| 5-year return | +269.1% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -29.5% | -18.8% |
| Market cap | $4.7B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.84% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CGAU | SPY |
|---|---|---|
| 2022 | -30.2% | -18.2% |
| 2023 | +19.4% | +26.2% |
| 2024 | -1.4% | +24.9% |
| 2025 | +156.7% | +17.7% |
| 2026 | +70.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and SPY good diversifiers for each other?
Reasonably. At 0.36, CGAU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CGAU and SPY?
As of 2026-08-27, the correlation of weekly returns between CGAU and SPY is 0.36 over 3 years, 0.45 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for CGAU?
Reasonably. At 0.36, CGAU and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CGAU correlations · SPY correlations
